IASB governance proposed for G20 meeting agenda

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04 Nov 2008

Leaders of the G-20 countries, which include the world's richest nations and biggest emerging economies, will meet in Washington on 15 November 2008 to discuss the global financial crisis, with a goal of agreeing on specific steps that should be taken in response.

Reuters and others have reported that the EU finance ministers have requested that the agenda for the meeting address, among other matters, the governance of the IASB. Here is an excerpt from the Reuters Report that lists the action steps recommended by the EU finance ministers:

Reconsider accounting and prudential standards to improve their mutual consistency, and how financial stability could be better incorporated into the mandate of standard setters like the International Accounting Standards Board. The IASB has already agreed to ease the impact of fair-value accounting rules on banks after pressure from EU leaders.

The G-20 members, which together account for 90 percent of the world economy, are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. The Managing Director of the International Monetary Fund, the President of the World Bank, the United Nations Secretary-General, and the Chairman of the Financial Stability Forum have also been invited to participate in the 15 November 2008 meeting.


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